Petrobras on Shareholder Remuneration Policy

(Petrobras, 28.Jul.2022) — Petrobras, following up on the press release disclosed today, informs that its Board of Directors, at a meeting held today, approved the payment of dividends in the amount of R$6.732003 per outstanding preferred and common share.

The proposed dividend is in line with the Shareholder Remuneration Policy, which provides that in case of gross debt below $65bn, Petrobras may distribute to its shareholders 60% of the difference between operating cash flow and acquisitions of fixed and intangible assets (investments). In addition, the Policy also foresees the possibility of paying extraordinary dividends, provided that the financial sustainability of the company is preserved.

The approval of the proposed dividend is compatible with the company’s financial sustainability and is aligned with the commitment of value generation for the society and for the shareholders, as well as with the best practices in the oil and gas industry.

It is worth noting that in the Strategic Plan 2022-26 the investment projects requested by the business areas were met because they presented good resilience and are supported by operating cash generation and the flow of divestments, with no adverse effects on leverage. Therefore, there are no investments held back by financial or budgetary constraints and the decision to use the surplus resources to remunerate shareholders presents itself as the most efficient one for optimizing the allocation of cash. Of the approved amount, (i) R$3.909190 per share refers to the anticipation of shareholder remuneration for 2022 and will be declared based on the balance sheet of 30 June 2022; and (ii) R$2.822813 per share will be paid out of profit retention reserves on the balance sheet for fiscal year 2021.

The dividends will be paid in two equal installments in August and September, as follows:

Amount to be paid: R$6.732003 per common and preferred share outstanding, whereby:

(i) the first installment, in the amount of R$3.366002 per outstanding preferred and common share, will be paid on 31 August 2022.

(ii) the second installment, in the amount of R$3.366001 per outstanding preferred and common share, will be paid on 20 September 2022.

Record date: 11 August 2022 for holders of Petrobras shares traded on B3 and 15 August 2022 for ADR holders traded on New York Stock Exchange (NYSE). Petrobras shares will be traded ex-dividends on B3 and NYSE as of 12 August 2022.

Payment date: For holders of Petrobras shares traded on B3, first payment will be made on 31 August 2022 and second payment will be made on 20 September 2022. ADR holders will receive payments starting on 8 September 2022 and 27 September 2022, respectively.

Form of distribution: The first installment of payment will be made as follows: (a) dividends, of R$2.938861 per outstanding preferred and common share; and (b) interest on equity of R$0.427141 per outstanding preferred and common share. The second installment will be paid in full as dividends.

It is important to point out that these proceeds will be deducted from the dividends to be approved at the 2023 Annual Shareholders’ Meeting for the year 2022, and their amounts will be adjusted by the Selic rate from the date of payment of each installment until the end of the current fiscal year for purposes of calculating the deduction.

Petrobras’ Shareholder Remuneration Policy can be accessed on the company’s website.